| TOP PICK | | Loblaws | L-T | 30.460 | He sees the Book Value at $20/$22 a share and the real estate is likely undervalued in that. The market has priced in the worst-case scenario. There are a number of things being done that will provide improvement. Relatively low risk. | 2008-07-17 | |
| TOP PICK | | Toronto Dominion | TD-T | 58.360 | Has executed its plan flawlessly. Had very limited exposure to the debacle in the US and yet has been tarred by the same brush. Recently increased its dividend giving you an idea of its financial strength. Cheap at approximately 10X earnings. | 2008-07-17 | |
| TOP PICK | | Bank of Nova Scotia | BNS-T | 47.570 | Think they are focusing on the wealth management side where they have been weak in Canada. Would look for them to take advantage of the debacle in the US. | 2008-07-17 | |
| BUY | | Agrium | AGU-T | 95.240 | Strong potential. Being driven by the rapid demand for the increase in commodities. Also the rapid demand and putting more land under the plow. Longer-term prospects are solid. | 2008-07-17 | |
| Comment | | Royal Bank | RY-T | 44.350 | Q: Sell this one for a tax loss and going into Bank of Nova Scotia (BNS-T)? A: From a tax point of view, he would have no disagreement with this. In 5, 10, 15 years both banks are going to look like great investments. On the other hand, you could add BNS to your existing portfolio. | 2008-07-17 | |
| BUY | | Thomson Reuters Corp | TRI-T | 30.780 | Has been hit because of their dependence on the financial services sector. Trading at about 8X EBITDA. | 2008-07-17 | |
| Comment | | Brookfield Asset Management (A) | BAM.A-T | 31.700 | Still has to get out from under its office problems. It will be some time before that real estate arm picks up. | 2008-07-17 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Thinks gold stocks are a very expensive way to play gold. He would prefer the ETFs. Thinks it quite likely that gold will breach the $1000 level and will move higher. Gold should only be about 10%-15% of anyone's portfolio. | 2008-07-17 | |
| BUY | | SNC-Lavalin Group Inc. | SNC-T | 52.930 | SNC Lavalin (SNC-T) vs. Stantec (STN-T). Owns both, but prefers SNC at this time because of their global reach, infrastructure and expertise. Their order book is full to bursting. Their major infrastructure projects are going to have to go ahead. | 2008-07-17 | |
| Comment | | UTS Energy | UTS-T | 5.530 | More speculative than the kind of stocks he usually focuses on. Well managed. Trading at a pretty reasonable valuation compared to its peers. Will be volatile. | 2008-07-17 | |
| BUY | | Suncor Energy Inc | SU-T | 54.500 | Heavily geared to the price of oil. The cost of getting those assets out of the ground has increased dramatically. Increasingly there have been concerns in the US about dirty oil from the tar sands but the need for oil will trump. If you were looking for one over the next five years this would be it. | 2008-07-17 | |
| PARTIAL BUY | | Nexen Inc | NXY-T | 32.950 | Missed their earnings estimates sold the stock dropped. Little riskier than some of the senior energy stocks because of its international focus. This means market is going to punish it more when it doesn't perform. Very well run company. He would Hold for the long haul and would be tempted to add a little to a position. | 2008-07-17 | |
| HOLD | | Duvernay Oil Corp | DDV-T | 81.920 | Being acquired by Shell. If you own, hold on for the $83. | 2008-07-17 | |
| HOLD | | Canadian Western Bank | CWB-T | 23.980 | Really likes this bank. There is exposure to the energy sector, which is boom and bust. Underneath that story there is a larger story of huge demographic growth in Western Canada. | 2008-07-17 | |
| HOLD | | BCE Inc. | BCE-T | 35.050 | Thinks deal will close at $42.75 and all will occur as expected. Sit tight, huge breakup fee if deal fails. Paying Bondholders to mitigate their risk would be cheaper. Credit markets are now a little better behaved. | 2008-05-30 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold may well have seen it’s peak in the near term, but as a hedge, a little gold makes some sense. He doesn’t like gold stocks and finds them outrageously overvalued, so use gold futures or something of that nature. | 2008-05-30 | |
| PARTIAL SELL | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Suggests holding 80% of what oil and gas represents in the TSX (24-25% position). Gas could perform better than oil. Oil could weaken before it moves up again. | 2008-05-30 | |
| HOLD | | Encana Corp | ECA-T | 89.510 | After it splits, keep the gas. | 2008-05-30 | |
| BUY | | Manulife Financial | MFC-T | 38.370 | They like it. This is a good entry point. Internationally they are tremendously successful. Made a brilliant acquisition in Hancock and executed it well. Change of CEO is a risk. | 2008-05-30 | |
| BUY | | UTS Energy | UTS-T | 5.600 | All of these companies are so dependant on commodity prices. Will perform better than overall index | 2008-05-30 | |
| HOLD | | Talisman Energy | TLM-T | 22.820 | Chinese national oil company may be interested in acquiring. Talisman has been divesting itself of some properties, but it’s part of a longer-term strategy to re-orient themselves in the north sea. Some view it as a high-risk strategy. Because of rumors of takeover, not the time to buy, but to hold. | 2008-05-30 | |
| TOP PICK | | Bank of Nova Scotia | BNS-T | 49.750 | Managed to escape much of the credit problems, and the ability of their management in risk management to steer clear of these issues. They are the most international of the banks. Are a bank that are the most efficient of the banks in their domestic network, 4% dividend, should significantly outperform the market in the 3-5 year horizon. | 2008-05-30 | |
| TOP PICK | | Shawcor Ltd. (A) | SCL.A-T | 34.670 | Petroleum services. Known for their pipe coating. Involved in many aspects of the petroleum industry globally. Demand for exploration will increase and this stock is very well positioned. | 2008-05-30 | |
| TOP PICK | | Brookfield Asset Management (A) | BAM.A-T | 36.500 | Very successful in building top-notch portfolio of office properties. Asset management business has tremendous growth potential. They are also one of the largest independent hydro generators in Canada. Energy, Infrastructure and cash flow play here. | 2008-05-30 | |
| SELL | | Breakwater Resources | BWR-T | 0.670 | Pretty poor performance and not much is going to change that. | 2008-05-30 | |
| HOLD | | Research In Motion | RIM-T | 137.410 | This kind of stock gives them nightmares because they don’t own it. Every time they looked at buying it they felt the valuation was too high but are proven wrong. Is a high beta stock, moving much more than the market – down or up. It’s risky because of its dominance with the blackberry – not guaranteed going forward. Brilliant in their execution. | 2008-05-30 | |
| BUY | | Power Financial Corp | PWF-T | 35.620 | Market are concerned about financial companies. Very comfortable with recent management moves they made. | 2008-05-30 | |
| DON'T BUY | | Alberta Oil Sands | AOS-X | 0.900 | Very speculative. Not a company they follow | 2008-05-30 | |
| BUY | | Canadian National R.R. | CNR-T | 53.670 | CNR is the best, most efficient company. It has great leadership. If economy weakens CNR could as well, but it is not likely. It should be a core holding in your portfolio. It is a buy right now type of stock. It is expensive but don't wait to buy it cheaper. | 2006-03-15 | |
| DON'T BUY | | UTS Energy | UTS-T | 6.940 | UTS has had a big run up. Oil sands are very popular. They have done a tremendous job there. There is some speculation that they might end up be taken out and this may be driving up the price. Stay away at current levels. | 2006-03-15 | |
| TOP PICK | | Encana Corp | ECA-T | 54.700 | They like Encana. It has underperformed in the market. It is a natural gas focused company and the stock has not perfomed very well. Represents good value. They have seen some gains and this expert believes that Nat. gas will move up in price. Also, Encana has exposure to oil sands. There is potential. Bought on March 10 at $49.92. | 2006-03-15 | |
| VAGUE | | Talisman Energy | TLM-T | 61.620 | Talisman Energy is a good company. He does not own because he believes that there are better opportunities elsewhere. Talisman has done an excellent job of diversifying their international plays. Very solid.
Unsure of any take overs at this time. | 2006-03-15 | |
| DON'T BUY | | JDS Uniphase | JDU-T | 4.590 | JDS Uniphase is a speculative stock. Still working out a lot of issues with their over-expansion and the difficulties they got into from the past. Very competitive environment now compared to the past. There has been signs of recovery. He would not be interested in holding. | 2006-03-15 | |
| DON'T BUY | | ATI Technologies | ATY-T | 16.920 | ATI Tech's stock is declining. They are in a very competitive environment. Difficult to stay on top. He does not see the growth in the company to justify the price, the stock was at 6 months ago. Avoid at current levels. | 2006-03-15 | |
| TOP PICK | | Toromont Industries | TIH-T | 25.330 | Toromont Industries has two key areas that they work in. One is caterpillar dealerships in Ont., Man. and N. Canada. The other is in gas compressors. He likes this company because it has steady growth, it is well managed, always traded at a premium and is well diversified. Sees continued growth. Not a big large cap company. Bought March 10 at $25.45. He will continue to add to it as well. | 2006-03-15 | |
| BUY | | Great West Lifeco | GWO-T | 29.490 | He likes Great West Life. Believes it is an excellent company. Does not own directly but owns through Power Corp. Significant exposure south of the border which has hurt them a bit. Life insurance is a great business. They like the insurance sector. They also own Manulife and Kingsway. | 2006-03-15 | |
| SELL | | Nortel | NT-T | 3.510 | Unlikely to move up significantly. It's a shadow of it's former self. Don't like it. | 2006-03-15 | |
| TOP PICK | | Power Corp | POW-T | 32.470 | An excellent allocation of capital. Key assest are Great West Life, and Investors Group. Hasn't performed well over the last 12 months, but looking at the dividend yield, thinks it will perform well in the future. They bought on Mar 14th at $31.46, as 4% of their portfolio. (heavily invested).
The biggest risk is on the insurance side, if significant losses, or if interest rates plummet to extremely low levels.
| 2006-03-15 | |
| BUY | | BCE Inc. | BCE-T | 28.200 | A share holder should get $1.4 a share out of the spin off. They are buying BCE. Feels that BCE has been unfairly punished by the market.
| 2006-03-15 | |
| BUY | | Brascan Corporation | BAM.LV.A-T | 65.350 | A well diversified company, used to be "Brasscam"
More value to come.
More growth here. | 2006-03-15 | |
| HOLD | | Cameco Corporation | CCO-T | 42.080 | Stock has done extremely well due to the increased interest in uranium. Very cyclical business, but the cycles are quite long. Hold if you own. | 2006-03-15 | |
| DON'T BUY | | Magna Int'l. (A) | MG.A-T | 87.030 | There are questions about their operations as well as the industry they are in as well as the sustainability of the earnings level. | 2006-01-10 | |
| HOLD | | Talisman Energy | TLM-T | 65.750 | There are rumours of this being taken over. If that happens, and you all the stock, you will end up with a pretty good premium. Would not buy as he can see some risk in the areas they are operating in. | 2006-01-10 | |
| TOP PICK | | Russel Metals | RUS-T | 22.500 | Feels that steel has legs, particularly a company like this that is in distribution and well diversified in all sectors. No debt. A dividend of close to 5%. | 2006-01-10 | |
| BUY | | Canadian National R.R. | CNR-T | 93.200 | A really good proxy for the overall economy. The most efficient railway in North America. Sees continued growth. | 2006-01-10 | |
| BUY | | Western Oil Sands Inc. | WTO-T | 30.850 | A solid situation. The reserves are there. | 2006-01-10 | |
| TOP PICK | | Toronto Dominion | TD-T | 61.860 | Bank North, their major foothold in the US, announced that they were going to miss their Q2 estimates which is a little worrisome, but it will only be by two cents. They are a leader in the wealth management area in Canada. Also a leader in discount brokerage. Good dividend. Not terribly expensive at about 13 X '06 earnings. | 2006-01-10 | |
| DON'T BUY | | Nortel | NT-T | 3.830 | We have been through so much with this company. Many false starts and hopes that things have turned around only to find those hopes dashed. In a very competitive business with significant changes occurring. Has lost the dominant position they once held. A speculation at these levels. | 2006-01-10 | |
| BUY | | Fortis Inc. | FTS-T | 23.550 | The outlook is reasonably positive. This is a conglomerate of utilities, so don't look for significant growth, particularly in the Maritimes where it primarily is. Look for it to provide good dividends. | 2006-01-10 | |
| DON'T BUY | | Bonavista Energy Trust | BNP.UN-T | 38.000 | Reluctant to buy a number of energy trusts at today's prices. The pricing is such, that he would rather buy oil/gas through the more conventional vehicles. This one has a solid management team, excellent assets and an excellent track record. One of the best royalty trusts out there. | 2006-01-10 | |
| TOP PICK | | Enbridge | ENB-T | 36.000 | Likes it for its yield, but also sees some good growth potential. They have the world's longest oil and liquids pipeline. Recently did some major power deals in Ontario as well. There is great growth potential with this Gateway pipeline which will go from the tar sands to the West Coast. Has executed extremely well. | 2006-01-10 | |
| DON'T BUY | | Trans Canada Corp | TRP-T | 35.900 | Could see that this would be of interest to some US companies as a takeout. Has a good yield and has been a good company to hold. Would prefer others. | 2006-01-10 | |
| BUY | | Precision Drilling | PD-T | 54.500 | Changing to an income trust which is a good move on their part. Will probably perform quite well going forward. The caveat is the cyclical nature of the drilling bit. At or near the peak of this cycle. Should be able to maintain good solid earnings growth. The current price is a reasonable level for anyone looking for a high quality income trust. | 2005-11-04 | |
| TOP PICK | | Novelis Inc. (bought by Hindalco an Indian based compa | NVL-T | 23.150 | A stock that's not that well understood. Covered primarily by mining analysts as it was a spinoff from Alcan (AL-T). Not really a mining company and has no commodity price risk. Basically a manufacturing company. Just announced they are going to be adding a freight rider increase on their pricing. | 2005-11-04 | |
| BUY | | Nexen Inc | NXY-T | 52.500 | One of the better names in the senior oil stocks. There is an overlay risk because of their foreign activities. | 2005-11-04 | |
| WEAK BUY | | Westjet Airlines | WJA-T | 11.310 | Air fare increases have not yet impacted their capacity. It has been very good for their earnings. His only concern is their continuing expansion and the idea that they are going to add more US routes. Good speculation, but not a good investment. | 2005-11-04 | |
| SELL | | Celestica Inc | CLS-T | 11.510 | Can't see them making a turn around soon. Not only is there a lack of sales growth and visible earnings, they are still paying a price for past sins. | 2005-11-04 | |
| TOP PICK | | Manulife Financial | MFC-T | 63.890 | Earnings came in at about $0.93 versus expectations of $0.84. Their wealth management has garnered headlines, up 20% in Canada and 29% in the US. Good growth in Asia with a huge potential down the road. The only potential issue is that there are some concerns about their overall reserve situation, but they are working on this. | 2005-11-04 | |
| HOLD | | Alcan Aluminum | AL-T | 41.500 | Not aware of anything that is going to surprise the market with their earnings. He does like the macro picture more and more. Energy prices have come off. China's aluminum demand has increased about 21% and their production has only increased 15/16%. There is good global growth for aluminum demand. | 2005-11-04 | |
| BUY | | Encana Corp | ECA-T | 56.000 | Recently disappointed in their earnings. Part of that is the question is it wise to hedge your production or not which they did. | 2005-11-04 | |
| BUY | | Enbridge | ENB-T | 36.880 | Not as cyclical or as risky as a gas play such as Encana (ECA-T). If you are more for the income side and looking for a dividend, this would be a good choice. | 2005-11-04 | |
| Comment | | Cameco Corporation | CCO-T | 58.900 | Thinks it will tread water for the rest of the year. There could be some profit taking if investors get impatient with flat trading. | 2005-11-04 | |
| BUY | | TSX Group | X-T | 36.000 | The market was quite concerned with the changes in accounting. This will have no material impact on the cash flow. Not that significant. Any weakness because of this will be a good buying opportunity. | 2005-11-04 | |
| TOP PICK | | Kingsway Financial Services | KFS-T | 20.560 | Just announced a buy back of 5% of the shares. A stock that is shareholder friendly. Very cheap at a little more than 7 X earnings. It's in non-traditional auto insurance. Have very little reinsurance risk. | 2005-11-04 | |
| BUY | | Suncor Energy Inc | SU-T | 66.800 | Will quite likely outperform other stocks in the sector on a % basis. Very highly levered to energy prices. Seems to have recovered from some of the operational issues they've had. Has a tremendous reserve. | 2005-11-04 | |
| DON'T BUY | | Liquor Stores Income Fund | LIQ.UN-T | 15.450 | Has suffered from the government's stance, the same as all income trusts. You also have to be aware of the impact of rising interest rates on incoime funds. | 2005-11-04 | |
| BUY | | CHC Helicopters (A) | FLY.A-T | 24.100 | Dislikes the dual class structure, but if the company's a good business, he'll hold his nose and buy it. A very well managed company. Should perform very well going forward. | 2005-11-04 | |
| SELL | | Stelco Inc | STE-T | 0.220 | Doesn't own, but if he did he would sell it. Doesn't think there will be anything left for the stock holders. | 2005-09-23 | |
| HOLD | | Alcan Aluminum | AL-T | 35.720 | Has been a real disappointment. Holding the stock, but not adding to it. Has a dominant position in the field. A weak hold for him, | 2005-09-23 | |
| TOP PICK | | BCE Inc. | BCE-T | 31.940 | The dislike by the market is very much reflected in the stock price. A safe haven. The return in this stock could easly be double digit over the next 12 months. Has made some progess in cleaning up. | 2005-09-23 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 52.000 | Riding the tremendous wave of interest in the position it took in the oil sands. | 2005-09-23 | |
| HOLD | | Enbridge | ENB-T | 38.000 | Performed very well but have no plans to take profits or add to it because of the price. | 2005-09-23 | |
| TOP PICK | | EnCana Corp. | ECA-N | 54.350 | Stock has great potential with alot of growth potential. A very focused company on gas. Has a lot of heavy oil in the Foster Creek area and sees a lot of growth potential there. | 2005-09-23 | |
| HOLD | | Shell Canada | SHC-T | 39.920 | A very solid company and very well managed. Has great assets with great profits from the refining side. Prefers Encana (ECA-T). | 2005-09-23 | |
| HOLD | | Terasen | TER-T | 35.520 | Feels that the takeover will go through. If you don't want a US stock, take the cash. | 2005-09-23 | |
| TOP PICK | | Manulife Financial | MFC-T | 60.950 | Canadas largest insurer and North America's 2nd largest. Good diversity in their lines of business. Doing everything right. A very solid core holding, | 2005-09-23 | |
| HOLD | | Royal Bank | RY-T | 84.010 | Going to continue to rise. Has a dominant position. A solid stock. | 2005-09-23 | |
| DON'T BUY | | Viterra Inc | VT-T | 6.040 | Doesn't see a lot of reasons for it to perform strongly. Just doesn't see it generating reasonable returns for its shareholders in the near future. | 2005-09-23 | |
| SELL | | Bombardier Inc (B) | BBD.B-T | 3.150 | An interesting stock. It needs a lot of help from the government to stay afloat. Not very viable. | 2005-09-23 | |
| HOLD | | TSX Group | X-T | 39.150 | It should become an income trust, but will have to wait for the feds. A tremendous cash generator. | 2005-09-23 | |
| BUY | | Great West Lifeco | GWO-T | 27.100 | A long term investment. He owns it through Power Corp (POW-T). One of the best managed life companies in Canada. Good growth potential. Also sees it as a steady performer with a good track record with earnings and dividend increases. | 2005-05-17 | |
| DON'T BUY | | Cameco Corporation | CCO-T | 48.700 | Very levered to the whole energy cycle. Very cyclical. Feels energy prices are going to stabilize in the low to mid $40's for some time and this company has seen its best days behind it. | 2005-05-17 | |
| TOP PICK | | Enbridge | ENB-T | 66.150 | Has a large pipe going from the tar sands into some pretty key markets. Very well managed. Expects it to earn $3.25/3.30 over the next year, so not terribly expensive. 3% yield. | 2005-05-17 | |
| DON'T BUY | | Nova Chemicals Corp. | NCX-T | 39.200 | Cyclical. You have to look at energy prices to get a handle on this company. Really a one trick pony. Has limited upside at this price. | 2005-05-17 | |
| BUY | | Canadian Pacific Rail | CP-T | 44.300 | A well run rail company. Feels there is still room to go at this point in the cycle. They're not only benefiting from the cyclical strike that has been in the market, but also benefiting from increasing trade with China and rails are starting to take market share away from trucking. Prefers CNR (CNR-T). | 2005-05-17 | |
| BUY | | Brookfield Properties | BPO-T | 32.510 | Own this stock through Brascan (BNN.LV.A-T). Risk would be throughh interest rates. Their business model has been very successful. Always choose the best properties/tenants, etc. Still feels there is more upside left. | 2005-05-17 | |
| TOP PICK | | Brascan Corporation | BAM.LV.A-T | 47.100 | Very impressed with their descipline in dealing with their non-core assets such as Noranda (NRD-T) Falconbridge (FL-T) and timber assets. Have made it clear that they are looking for buyers, but at top dollar. Good track record. Also have power generation and the Brookfield assets (BPO-T). Not terribly expensive. | 2005-05-17 | |
| DON'T BUY | | Grande Cache Coal Corp. | GCE-T | 9.180 | Highly unlikely that they will get back to their high in the $16 area. Will be very levered to energy prices. | 2005-05-17 | |
| BUY | | Toronto Dominion | TD-T | 50.910 | Growth in the 10/15% area is quite achievable. Reasonable dividend. Expects the financials will be one of the best performing sectors. | 2005-05-17 | |
| TOP PICK | | Canadian National R.R. | CNR-T | 73.170 | Of all the rail companies in North America it has the best operating efficiency ratio. Has grown dramatically and continued to improve itself. | 2005-05-17 | |
| BUY | | Russel Metals | RUS-T | 13.690 | Likes this company. Has had tremendous growth. Have done very well on the distribution side. Good dividend. A cyclical industry. Can see double digit returns over the next year. | 2005-05-17 | |
| HOLD | | Alcan Aluminum | AL-T | 38.310 | Can see an increased demand for aluminum, but the question is, what other competitors are coming into the fray. The stock has disappointed many holders. | 2005-05-17 | |
| DON'T BUY | | Placer Dome | PDG-T | 15.920 | Doesn't own any golds. Feels all gold stocks are over priced. | 2005-05-17 | |
| BUY | | AGF Management (B) | AGF.B-T | 17.490 | Has been a bit of a laggard compared to the overall financial sector. Feels it should be valued closer to the mid $20's. Good buy at the current level. Made some good acquisitions and feel that more may be coming. Not a lot of downside risk. | 2005-03-24 | |
| WEAK BUY | | Sobeys | SBY-T | 38.260 | Prefers Loblaws (L-T) and the reach they have. Likes the way they have gone head to head with Wal-Mart (WMT-N). There isn't a better managed company in the food sector. Also prefers George Weston (WN-T). | 2005-03-24 | |
| BUY | | Loblaws | L-T | 72.680 | Prefers Loblaws and George Weston (WN-T) over Sobeys (SBY-T). Likes the reach they have and also likes the way they have gone head to head with Wal-Mart (WMT-N). There isn't a better managed company in the food sector. | 2005-03-24 | |
| TOP PICK | | George Weston Ltd. | WN-T | 106.710 | When they saw their bakery operations begin to turn around as well as a bankruptcy of a major competitor in the US, it made sense to have some exposure. | 2005-03-24 | |
| TOP PICK | | Petro-Can | PCA-T | 69.840 | There isn't a better way to play the energy outlook in Canada on the integrated side, particularly if you are looking beyond this year and next and you're interested in medium and long term into 2006/2007. That's where you'll see the real growth coming. Current level does not reflect the higher commodity prices. Margins on their refining is looking better now. | 2005-03-24 | |
| BUY | | Talisman Energy | TLM-T | 40.350 | A solid investment and one of the core companies in the sector. Not too sure looking into the 2007/2008 time frame that it will hold up as well as companies like Petrocan (PCA-T). Well run company with an excellant track record. | 2005-03-24 | |
| BUY | | Alcan Aluminum | AL-T | 45.250 | The acquisition certainly hasn't resulted in the kind of synergies, increase in earnings and dominance that many had expected. The recent weakness is an opportunity to BUY. The general view in the market is that maybe we are close to a peak in commodity prices and this would also reflect the price. | 2005-03-24 | |
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